Revival of economy: government to implement home-grown structural reforms, says Gill

Special advisor to the prime minister Aslam Gill on Tuesday said that Pakistan cash strapped position caused by massive national debt has kept our economy at very low ebb. The post budget seminar organised by the Institute of Cost and Management Accountants of Pakistan (ICMAP). Shahzad Ahmad Awan Treasurer of ICMAP, Aamir Ijaz Khan Chairman Lahore Branch Council, Muhammad Yasin Secretary Lahore Branch Council made presentations on the occasion.
By increasing revenues and exports we could have salvaged the position, but things have never gone the way we have been planning. The ground reality is that we usually find it difficult to generate enough revenue and increase exports whereas the expenditure position has all along been getting inflated due to inflationary trends, Aslam Gill said.
He said that Pakistan has long been experiencing recessionary trends. All of you are aware that debt servicing eats up a whopping share of our current revenues. Despite the fact, a lot of funds are arranged through deficit financing, still a very little is left for development and revenue expenditures, he added. The government is alive to the deteriorating state of affairs and is in the process of taking a number of measures to put our financial and fiscal house in order, he added.
It is a common knowledge that there are a number of structural imbalances in our economic system, which needs to be addressed carefully. In this connection, we are planning to frame and implement home grown structural reforms to revive the economy. At present, we are in dire straits and in that connection we need assistance from home and abroad to solve our problems, he maintained.
The economy will understandably be revived in this way and poverty is expected to be alleviated as envisioned. To increase our revenues, we are, however, determined to keep pressing forward these plans in future and hopefully we shall achieve our objectives in documenting the economy and broadening the tax over a period of time.
If properly educated the people will realise the benefit of paying tax. Needless to say that it is unpatriotic not to pay taxes as in that way we shall intentionally rather criminally let our economy and even our defence keeps sliding down. If the deteriorating trends are allowed to continue they are likely to drag us to erosion of total economic sovereignty and even national sovereignty. Let us, therefore tighten our belts for reforms to improve our affairs so that Pakistan is to be made strong. All of us should realise that only a strong Pakistan is a guarantee of our security and also that of our posterity, he added.
Speaking on the occasion, Imran Afzal (FCA) said that national budget would go a long way in strengthening the economy, creating employment opportunities, bringing prosperity to the poor and improving the quality of life. He specially mentioned some of the salient feature of the budget 2010-11. He said the present socio-economic problems demanded extra hard work from all of us. Chairman Lahore Branch Council, Institute of Cost and Management Accountants of Pakistan (ICMAP) Amir Ijaz Khan also spoke on the occasion.